Expedia Group Inc.(EXPE) plans to eliminate about 12 percent of its workforce or 3,000 jobs, following its disappointing 2019 business performance, according to reports citing an internal email from Expedia. The Job cuts will include around 500 at its Seattle headquarters.
The Online travel conglomerate said it plans to reduce and eliminate certain projects, activities, teams, and roles to streamline and focus organization.
"We recognize that we have been pursuing growth in an unhealthy and undisciplined way," reports quoted the company as saying.
In its quarterly earnings report earlier this month, Expedia said it targets $300 million to $500 million of run-rate cost savings across its business this year.
EXPE closed Monday regular trading at $112.31, down $7.81 or 6.50 percent.